Resources

Africa holds immense promise and untapped opportunities as a trading destination for Virginian exporters. Virginia exports to Africa in 2021 are projected to be 20% larger than in 2020 and 8% larger than in 2019. Africa is already moving toward being a large market, with a generally receptive business community. A large entrepreneurially motivated youth population is set to create changes not only to Africa but to the entire world.

This report provides Virginian exporters with a general overview of African developments as its place in the world economy shifts. This study describes major trends in Africa that will impact future trade opportunities: demographics; the growing middle class; culture shift; political changes; economic diversification; technology; and the African Continental Free Trade Area. It also provides a post COVID-19 outlook of Africa, where these key trends will play a role in economic recovery and growth.

The United States and Canada enjoy a $1.6 trillion bilateral trade and investment relationship that supports millions of jobs in both economies. Canada ranks as the top U.S. export market, accounting for 17.9% of all U.S. exports in 2019. The United States, Mexico, and Canada are parties to the United States–Mexico–Canada Agreement (USMCA), which entered in to force on July 1, 2020, replacing the North American Free Trade Agreement (NAFTA).

Speaker: Ludovic Ortuno, Co-Founder & COO, CIDEP

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Mexico is third among Virginia export destinations. Mexican companies, government agencies, and entire industries are deeply familiar with and receptive to U.S. products and services. U.S. producers often find it straightforward to market and sell their services and products in Mexico. The market continues to benefit from the agreement to modernize NAFTA into the USMCA, as well as from its proximity to the United States, and its modern port infrastructure. Mexico is the 15th largest economy in the world, and recent economic reforms have liberalized key sectors such as energy and telecommunications, creating market opportunities for U.S. companies. Close cultural, social, and economic ties make Mexico a natural market to consider for first-time and expanding exporters.

Speaker: Mary Claire Whitaker, Founding Partner, Neighbors International

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In 2016, Saudi Arabia’s reform-oriented Crown Prince, Mohammed bin Salman, announced his plans for the Vision 2030 initiative, a strategic plan whose aim is to drive diversified economic and social growth as the Kingdom begins to shift away from its traditional dependence on oil. Naturally, the success of such a transformative initiative relies on the expansive growth and development of a variety of key industry sectors, which in Saudi Arabia’s case include infrastructure, healthcare, education, and defense.

This report, compiled by VEDP’s Saudi Arabian market-expert consultants, provides a detailed, insightful overview of the Saudi Arabian economic and social landscape in which Virginia companies can find ample opportunities for commercial success. As a decidedly youthful country with the Gulf’s largest population and economy, Saudi Arabia offers a promising market for Virginia companies looking to take advantage of the Kingdom’s burgeoning private sector growth under the Vision 2030 initiative.

South Korea is a sophisticated market with a taste for high-quality, differentiated products and commodities. South Korea’s gross domestic product (GDP) ranked 10th in the world in 2020. South Korea is looking for more technology-intensive industries to drive growth such as; healthcare (including medical devices, pharmaceutical, and biotechnology), defense, advanced manufacturing and information technology.

Speaker: Ken Yang, Director, Korea Business Services

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Eastern Europe has been the faster growing part of Europe. Starting from a lower base 30 years ago, this region has enjoyed an outstanding level of economic development. Today, some of these economies are comparably strong to some of those in Western Europe, such as Italy, Portugal or Spain.

Speaker: Filip Korinek, Managing Director, EasyLink Business Services

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